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NEW YORK, Oct. 13, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action has been filed on behalf of investors who have purchased or acquired the securities of Block, Inc. (“Block” or the “Company”) “) Q in between November 4, 2021 and April 4, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.

Block, formerly known as Square Inc., is a technology company that develops financial services tools. Its segments include Square, which offers financial tools for sellers, and Cash App, which offers financial tools for individuals.

Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements. Specifically, Plaintiff alleges that Defendants failed to disclose the following: (1) the company lacked adequate protocols limiting access to sensitive customer information; and (2) a former employee was able to download certain reports from the Company’s subsidiary, Cash App Investing, that contained full client names and broker account numbers, as well as broker portfolio value, broker portfolio holdings, and/or stock trading activity.

On April 4, 2022, Block announced that on December 10, 2021, a former employee failed to properly download certain reports from the company’s subsidiary, Cash App Investing. Information in the reports included full client names and broker account numbers, as well as brokerage portfolio value, brokerage portfolio holdings, and/or stock trading activity. Up to 8.2 million Cash App Investing customers were affected. On the news, Block’s stock fell $9.27, or over 6%, to close at $135.92 per share on April 5, 2022.

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